The founders of our country understood that a fresh start under federal law is so essential to the fiscal health and economic vitality of our country; they included the right to file bankruptcy in Article 1, Section 8 of the United States Constitution.

If the "repo" man is looking for your car, a Chapter 13 bankruptcy can also stop the finance company from repossessing your car. Upon filing of the Chapter 13 Bankruptcy case, the finance company will be prohibited by the Court from repossessing your car and you will no longer have to make a payment directly to the finance company. Instead, the past due payments and the entire balance on your vehicle loan will be included in the Chapter 13 Plan and paid over a three to five year period. Under certain circumstances we can even recover your vehicle after repossession and include the remaining balance in your Chapter 13 Plan.

In some circumstances, we can even force the finance company to accept an amount less than the balance owed on the vehicle as well as reduce your interest rate to prime plus 2%. If you purchased your automobile over 910 days (approx. 2 1/2 years) ago, we may be able to "cram down" the amount paid to the finance company to an amount equal to the fair market value of the vehicle. Even if the purchase was within the 910 day period, if you financed the negative equity of a trade-in (i.e., you were upside down on your trade-in and the deficiency was financed into your current loan), we can back the negative equity out of the balance owed to the finance company.

Even if a cram down is not available, we may be able to reduce your vehicle payments by reducing your interest rate and stretching out your remaining balance over a five year period.

Contact us today to learn more about your options under the current bankruptcy laws. We're here to help. Have questions on filing for bankruptcy and need a Dallas bankruptcy attorney or a Fort Worth bankruptcy attorney? The Patrick D. West Law Firm, P.C. has been providing bankruptcy and debt solution legal counsel for over 20 years. The law office serves bankruptcy clients in these DFW area cities in both Dallas & Tarrant Counties: Dallas, Fort Worth, Arlington, Irving, Grapevine, Grand Prairie, Euless, Bedford, Hurst, Haltom City, Burleson, Colleyville, Mansfield, Keller, Saginaw, West Lake, Richland Hills, Coppell, Lewisville, and more